The India Innovation Lab for Green Finance has selected three new ideas for green finance instruments to move forward for further analysis, development, and preparation for piloting. The new instruments for the India Lab’s 2016-2017 cycle could help catalyze millions of dollars for clean energy and sustainable urbanization in India.

Through an open call for ideas, the India Lab received a record number of 72 innovative idea submissions. After an initial screening of these ideas, on February 21st, Lab Members met in New Delhi to select the top three ideas based on their actionability, innovation, catalytic potential, and financial sustainability.

Over the next few months, the selected three ideas will receive guidance from Lab Members and other high-level experts, as well as rigorous analysis provided by the Lab Secretariat (Climate Policy Initiative), in preparation for potential piloting at the end of the India Lab’s 2016-2017 cycle.

The selected three ideas are:

Solar Investment Trust: An investment trust to attract more capital at a lower cost to small-scale residential and industrial rooftop solar projects

The Matchmaker Service: A platform to match qualified investors with a pipeline of climate-related investment opportunities for cities in India

Solar Agro-Processing Power Stations: An enterprise to use solar off-grid systems for agro-processing in villages, to replace diesel-fueled mills or manual work by women. This instrument was also selected in December as a finalist for the India Lab’s sister initiative, the Fire Awards.